Gamechanger director Ed Schwartz was at this evening’s fans’ forum at Portman Road but before he answered supporters’ questions he spoke to reporters, including TWTD’s Phil Ham.

Schwartz is the CEO of ORG, the US investment firm which manages funds on behalf of the Arizona Public Safety Personnel Retirement System (PSPRS), which holds a 90 per cent stake in new Blues owners Gamechanger 20.

The 54-year-old is the second member of Town’s US-based ownership to make the trip to Portman Road, following in the recent footsteps of Brett Johnson.

“Brett just spoke so highly about this place, I had incredibly high expectations,” Schwartz said. “And so far from what I’ve seen they’ve literally been exceeded. The facility is absolutely incredible

“I really feel the history already, even with an empty stadium. I walked in and literally the hair on the back of my neck stood up, I just had such a chill, just to walk through.

“And my first sight of the entire expanse of the stadium, it’s incredible and all the history is just so much fun to see.

“I’m excited because I really want to be part of the current and future because I think that we have such enthusiasm and such hope for restoring what’s just an incredibly storied club, and we really want to be a part of it.

“When you hear the fans sing the songs and the passion, just wanting to come over here and be a part has been such a desire and to finally be here it’s almost surreal. I can’t wait for tomorrow night and then again Saturday.”

He says his trip will be a mix of business and pleasure and he’s going to try to get to immerse himself in the community.

“It’s hard to answer because it’s been all business but it’s also been pleasure, so it’s been 100 per cent both,” he said.

“I’ve really, really enjoyed it and I enjoy the business aspect of it. I spent all day here today, I’ll be here all day tomorrow, I’m spending the nights in Ipswich, I want to get to know the community and really feel it here, so I want to spend a lot of time here, and then I’m coming back again for the game on Saturday.

“I want to spend as much time as possible and my partners and other board members from the US, we’re talking about coming again next month, all of us. That would be really fun as well.

“We really want to show the supporters that we really, really are committed and we’re committed to making this a long-term, sustainable investment that we can all be proud of, the whole community can be proud of.

“This is a community asset. We may represent the money behind this but this great football club is an asset of the community, and we all have to remember that.”

Having spent most of the time prior and since the takeover talking to chairman Mike O’Leary and CEO Mark Ashton on Zoom, Schwartz says it’s good to meet them in person.

“It really is,” he continued. “Zoom is a great tool, it’s certainly better than just an audio telephone but there’s nothing that can replace face to face and I’m sure after tomorrow and then Saturday, as much as I enjoy, especially the commentators on iFollow, it’ll be even more fun to be here in person.”

Quizzed on where ORG’s interest in English football and taking over a club came from, he said: “We look for investments that have unique characteristics that can’t be replicated. And this particular investment and [it’s] scarcity [in] English football is very unique.

“So when we had an opportunity to team up with what we think is the best management team in all of football and to identify a club that has such incredible value and history but was so undervalued, the opportunity was too good to pass up.

“And so far what we’ve seen as we’ve got into this and uncovered things is really more excitement, more opportunity literally every day.

“I feel more confident about this investment, this opportunity now than I did at any time during the time that we’ve been involved in this, so it’s pretty exciting.”

Did you consider other clubs? “We did. We looked for the last several years. We even looked at being a part of a bigger group for a Premier League team but it really wasn’t nearly as good an opportunity as this, this is by far the best opportunity we had seen.”

He added: “The Three Lions had the relationship with some people in English football and Mike O’Leary, and they were the ones that brought it to the pension fund (PSPRS) and to ORG.

“So that was something that I did not find but once I learned about it and we did our homework and due diligence, I became incredibly excited about.”

As manager of the investment for the pension fund, he liaises regularly with the management of the club at Portman Road as well as the Three Lions and Mark Steed, the chief investment officer of PSPRS.

“We all spend a lot of time collaborating on items and different issues,” he continued.

Does he see the investment in Town as a gamble? “We don’t it as a gambling, it’s certainly risky but all investments have some type of risk involved.

“But we think the return that we expect to get out of this [more than balances] the risk, so we look at it as a very sound investment and we couldn’t be more excited about it.”

Is the return dependent on reaching the Premier League? “That’s part of it. That’ll likely provide us the highest rate of return but we feel that there are things we can do in the current situation and then getting to the Championship where we can make a nice return.

“Certainly our goal is at some point to get to the Premier League but one step at a time, we’re just excited to be provide an exciting product today, really quickly in our ownership and just continue to build on that.

“Build on the business, build on the community, build on the football and the business end of it.”

It is clearly viewed as a long-term project. “It really is. To look an investment like this, it’s going to take many, many years. But we’re in it for the long haul, that’s our objective, that’s our goal.

“The pension fund is a long-term investor that we represent and we’re taking a very long-term approach to this.”

The intention isn’t to get into the Championship and then flip the club? The vision is longer term and bigger than that?

“It is,” Schwartz continued. “Again, I hesitate, there are no promises being made but that’s our goal. I’d be lying to you if I told our goal wasn’t to eventually get to the Premier League, that would be incredible.”

A pension fund becoming involved in a football club might raise some eyebrows with plenty losing money hand over fist but Schwartz says that doesn’t have to be the case.

“I think it depends on how you look at this type of investment,” he said. “I think the reason people think that is many people invest in football clubs, as they do in other sports, I’m going to call it a sort of toy or an ego investment.

“That is one way to do it and people have a lot of money and they certainly do that. We’re not taking that approach, we’re taking a very pragmatic, return-on-investment approach.

“So, when you ask ‘Will there be money to be spent in January?’, if have an opportunity where we can get a good return on an investment, then yes we’ll consider it.

“But we’re not going to sit there, the directors and everyone, ‘We just want to get the Championship and we’ll spend anything to get there’. That decision won’t be made.

“If it were a billionaire owner, an individual, they could do that and lose money and it’s just kind of fun for them, but we take a different approach, much more of an investment business approach.”

Given that the funds come from the pension funds of police and fire officers in Arizona, there has to be greater responsibility than might be the case in different situations.

“I would say to the supporters, this is a good thing because what we want to build is long-term sustainable success,” Schwartz reflected.

“We don’t want to just get promoted and then maybe say ‘Oh my God, we have to now cut the budgets’ and we get relegated again.

“We don’t want that situation, we want to be able to get promoted, stay there and then be in a position to take the next step.”

Would you see the ownership continuing over a long period if the club reaches the Premier League? “We haven’t had that discussion, that’s a great question. I don’t know once we got to that level.

“I can tell you this, we really care about what we’re building here so when you talk about long term sustainable success, I know, me personally, if and when we do ever sell this, we’d want to sell it to someone that would continue the legacy that we plan to build.

“We don’t just want to get to the Premier League and then have someone tear it down. But that would be a lovely problem to have, but that would be my hope and intent, but we’re a pretty long way out from that.”

While it might be seen as unusual for an English football club to be owned by a pension fund, there are sports clubs in North America where that is the case.

“In Canada there are few, but it’s not that common. I think it may be more and more common, we’ll see,” he said.

“If you think about it, run correctly, thought about correctly, I think it is a suitable investment for a pension fund because it’s a long-term asset and many sports franchises have increased in value quite a bit if run correctly.

“The interesting difference in the UK is that if it’s not run well and they don’t perform well you can really lose a lot of value and lot of money by getting relegated, which is different than a lot of the other sports in the US because there’s no relegation.

“In the UK, in English football, you have to make sure you get the management right and our view was that you buy something on a lower value basis, one that has potential, one that has history and Ipswich was really the perfect scenario for us.

“An undervalued club that has an incredible facility, the best fans and an ability then to bring it back to its glory.”

Quizzed on whether money might be available to strengthen in January, he said: “I have to defer to the management on that. We’ll make good investments if they make sense in January.

“But we’re not just looking to spend money to spend money, we’ll be smart, we’ll be prudent and if it’s something that will benefit the long term sustainable success of the club, we’ll certainly entertain anything that’s brought to us.”

Schwartz says the academy will be an important part of the Blues’ future: “If you think about the long-term success of a club, that’s a big important aspect of what we’re going to be looking to do and to make sure that we have the right people running the academy, in the academy and the right facilities. That’s definitely a focus of myself and the board that we’re continuing to evaluate.”

He says he and the other US owners will be relying on the expertise of O’Leary and Ashton: “Absolutely, we will be relying on them and their advice and what they suggest to the board on how we can best optimise the academy.

“But it is a very, very important aspect of building that long-term sustainable success of the football club.”

Schwartz wasn’t keen to put a time frame on the ownership: “I hesitate to put an absolute time frame but it’s at least seven to 10 years that we’ve talked about.

“In year three or four, if we see things going a certain way, we may re-evaluate that and extend it, but certainly it’s a long time, not a few years, it’s seven to 10 years.”

Asked whether he’s a football or soccer fan, Schwartz laughed: “I do call it football, a lot of my friends back in the States often have to correct me!

“I have become a big fan. I wasn’t a big fan growing up but starting to get involved in this I’ve become a huge fan and I’ve really, really enjoyed getting to know more about the sport and certainly about Ipswich and the traditions and all that. It’s been a lot of fun.”

What type of supporter is he? Will he be photographed celebrating as wildly as Johnson when Town score during Tuesday’s Papa John’s Trophy tie against Colchester or on Saturday when Oxford United visit Portman Road?

“I’m going to try, I think I might be a little bit more subdued but we’ll see, I may get in that stadium and become just as crazy as Brett, we’ll see!”

Photo: TWTD

FramlinghamBlue added 22:05 - Nov 8 Long term sustainability isn't achieved in 7 years
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Grigzee added 22:34 - Nov 8 I hope with all this jetting about across the pond will result in trees being planted to offset their carbon footprint, preferably in Suffolk
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KiwiBlue2 added 01:09 - Nov 9 While first and foremost this is an investment for Gamechanger I do like the fact that this it is something that they have not rushed into. The directors interviewed thus far strike me as thoughtful, balanced and reasonable individuals. While I would have preferred an answer of 10 years plus to their involvement, 7 to 10 years is not unreasonable, particularly if they keep investing in players. By that time we should be back in the Premier League if things go well at which point they would no doubt have reached their objective. So we at least will have a period of stability over the next 7 to 10 years which in today's world, and football in particular, is nothing to sneeze at.... coyb

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SoCalTownFan added 05:30 - Nov 9 Investment/return on investment - these are dangerous words that should be red flags for fans. These people want to make money from us, that is their priority and always will be in good times and bad.
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Ryorry added 05:55 - Nov 9 Really don't understand the negativity from a couple of fans above. Thanks Mr Schwartz, really appreciate your enthusuasm, comments re our history, and committment to our long-term building. Do endorse Grigzee's suggestion that you plant trees, pref in Suffolk, to help offset your transatlantic flights though!
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ArnieM added 07:27 - Nov 9 ANY owners of a professional football club are in it to MAKE MONEY. Wake up !! This is what the beautiful game has become . Why all the shock , amazement and negativity ? Town would not exist without it or be able to compete in the plastic world that football has become . All you people who subscribe to Sky fuel it …. You can't have it both ways . We either join it or “ exist” in the lower leagues ( because that's where we were heading) whether it was under Evans or without an investor. Indeed with the much maligned Evans ITFC would have been long gone by now. At least under GC20 we have a chance to rebuild , get done decent players in and enjoy some decent footie again. Embrace it or if you can't then the “ modern game” in its bank rolled format simply isn't for you .

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Bazza8564 added 07:32 - Nov 9 i've written before about investment profit, it only comes from a revaluation of the club as it progresses through the leagues or a sale when new, even more ambitious owners want to take it on. Shame that people don't get it, there is no cash to milk out, it's a pure balance sheet thing and is great for us.
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Dissboyitfc added 07:34 - Nov 9 Listening to Dagenham and Redbridge US owners last night, he was saying while a football club is a business it shouldnt be viewed as a money making venture and if thats your reason for getting involved then you have chosen the wrong business. I love the fact the new owners are so transparent and they are very communicative, but it does concern me a little where our club maybe in ten years if things dont pan out as planned for!

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peewee added 08:11 - Nov 9 Only way you're getting money back is, Town in the Premier league and a youth academy firing on all cylinders.
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Oldboy added 08:13 - Nov 9 Positive talk. Positive targets. Positive future. I like it.
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1RWR added 08:48 - Nov 9 How can people be so negative? We knew it was a 'business' deal when they bought us, if we get into the PL & they sell ITFC it'll be to owners who want to invest & progress even further. What was the other option? Stagnate in Division 3 or 4 with Evans? C'mon guys, the football has improved 100%, the feel good factor has improved....COYB!!!!
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braveblue added 09:14 - Nov 9 Can only hope they do not read some of the utter rubbish and moaning on here. Shocking from so called fans.
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DMDC added 09:25 - Nov 9 7-10 Years isnt a long time. I was hoping to hear it would be longer when he said "for a very very long time". It could take us another 2 years to get out of this league,then we all know how tough the Championship is. Could take years to get out of that. Mind you, the only way they will make money is in the Premier league so they will have to get through all these leagues in a real hurry if they think they can be out of Town in 7 years time. Cant see it myself.

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Ipswichbusiness added 10:05 - Nov 9 Be under no illusion; investors invest to make a profit (return). The days when a local family would own the local club for the kudos or whatever ended a quarter of a century ago. In fact I would expect a pension fund using pensioners' money to be under a legal obligation to be commercially orientated and seek to maximise their returns. However, if that means that the club is run on a proper and professional basis then that is a good thing, something that we should all be happy about.

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IpswichT62OldBoy added 10:05 - Nov 9 7 to 10 years seemed a bloody long time under ME. This guy talks sense, the plan sounds reasonable and realistically I don't mind if in 10 years time they sell us as a Premiership club, nice problem to have,
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Paddy39 added 10:59 - Nov 9 With good works spoken about the Academy last night, lets hope we up grade the category of our Academy to stop other clubs nicking our players on the cheap.
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Karlosfandangal added 11:24 - Nov 9 The length of this project depends on returns, it's an investment, I get the feeling that after 7 to 10 years they expect to have got their investment back. If Town are in the prem by then I would expect they will be making a profit which is the idea really, I would guess that if the profit is worth keeping Ipswich then it could go on longer than 10 years.
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atty added 11:32 - Nov 9 ArnieM, pressed the wrong indicator 🙄Anyway, you're right of course Football is a business, but there are ways and means.I think a big plus is that it is a pension fund behind us.Prudence should prevail. Yeah having a flash the cash billionaire could be great, such as Abramovich, but there have been some who get bored and leave a mess behind. Have never understood the Evans mindset after the first 3/4 years. Kept lending money to the Club that could never be repaid in full, but must have known it would never be enough for sustained success. So decline was inevitable, on and off the pitch.

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BobbyBell added 12:58 - Nov 9 So many clubs would love to have owners like these yet we are still getting negative comments. It seem that whatever happens some people will still moan and groan and be full of doom.
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OliveR16 added 13:10 - Nov 9 These are great comments from the owners. This is what transparency is - not some billionaire's toy vanity project but a realization that the club is underperforming, can be turned round and can one day be sold when it has reclaimed a suitable status. If there is anything negative it is that when that reselling takes place it is unlikely that a pension fund is going to be too fussed about the quality of the next owners, only their money. But that's for another day.

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Bluroo added 13:26 - Nov 9 I think some fans are confused by the business model here. Very simply, the owners have paid around £40m for a broken Div 1 club, which they quite rightly describe as "undervalued" as it has the potential to be worth a heck of a lot more. So, if we established ourselves as a competitive and well run Championship club that £40m value could easily double or more. And if established as a Premier League club it could quadruple or more. Much more. The equation is, the more successful the club, after costs, the greater their ROI will be when they come to sell. The only way they can lose is if they spend but don't succeed (so the club value increase doesn't exceed incurred costs). There is really only one way to put this; The owners and the fans hopes are aligned.

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NITFC added 13:32 - Nov 9 I really like what I am hearing here. However, don't be under any illusions, everything that they put in will have to be repaid, and more. So promotion essential. Probably more than one level They are dealing with the finances of people in retirement and will never be able to write off a debt like Marcus Evans did. Like him or not, he did us a massive favour when he did that

1

Radlett_blue added 14:36 - Nov 9 The "opportunity" seems to be to get to lose £15m a year while staying in the Championship, assuming that Cook can get Town there.
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ElephantintheRoom added 14:51 - Nov 9 Soccer expert Brinsley Schwartz sees a 'nice return' if his Franchise can get into the Championship. Hmmmm - not many teams have managed that particular trick, including a club that used to play at Portman Road called Ipswich Town FC who allegedly lost £100 million during their last stint there. Amongst his patronising guff, the admission that '7 to 10 years' is long term ought to raise a few eyebrows, even amongst deluded supporters who see becoming a franchise as a good thing. Trouble is - its not just the old progrssive rocker seeing the mirage of £ signs - the three fantasists will want their cut... and that nice Mr O'Leary - and the gurning extra from The Office in the open neck shirt will want' a 'good return' too. That's quite a long list of financial hangars on for a hamstrung little club that doesn't own its ground - and lost the developable part of the training ground as part of the franchise takeover. He must know a few hollywood actors prepared to buy a slice of hisamerican pie if and when Town get to the Championship.

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Bluroo added 14:59 - Nov 9 That's where the pragmatic and sustainable Mark "sell a key player a year" Ashton, plus a bit more monetisation of the club puts a dent in those sorts of losses, meanwhile the turnover is considerably greater and the value is surely far in excess of £40m. Obviously the Bristol City fans didn't appreciate the realities but I'd be fine selling a player a year to help balance the books, just as we did in the past anyway. Proper football management!

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